Angel Brown
Aug 2, 2022
The session of the Milan Stock Exchange today, August 3, opens slightly lower and fluctuates on 22,300 points. The markets day remains tense with US-China nervousness. Spread at 222 points at startup. Tod's in focus.
The Milan Stock Exchange today, August 3, opens on the threshold of 22,300 points, oscillating between slight rises and falls.
The other European markets also started the financial day with little marked variations, showing slight declines and a certain caution. The pan-European Stoxx 600 remained slightly below the flat line at the start of trading.
In general, a climate of nervousness remains, with the Taiwan issue and US-China relations dominating prudent investor valuations.
In Milan today Tod's stands out, first suspended and then readmitted with a jump of over 20% after Della Valle launched a takeover bid for delisting.
EUR/USD remains clinging to gains above 1.0150, with the US dollar retreating amid a brief recovery in risk sentiment.
At about 9.45 a.m., the FTSE Mib lost 0.05% to 22,339.54. On the list, bank stocks are gaining, while ferrari (-2.20%) has risen, which yesterday presented quarterly accounts and losses of over 1% for Stellantis, Terna, Recordati.
In Milan, the spotlight was turned on Tod's shares, which run with a +20.95%: Della Valle announced a takeover bid at 40 euros per share with the aim of delisting.
In Europe, the CAC French is down 0.03%, the German Dax is down 0.34% and the FTSE 100 in London is down 0.45%.
The spread marks 219 points, after the ECB pointed out that it had bought Italian government bonds for 9.8 billion euros in July.
In the US, the three main averages fell yesterday for the second consecutive day, while futures fluctuate between parity and slight gains.
In normal trading hours, House Speaker Nancy Pelosi's controversial visit to Taiwan weighed on investors, who were worried it would further strain the already strained U.S.-China relations. Markets fell further after three Federal Reserve presidents hinted at the need for further rate hikes to combat high inflation.